This article discusses why your employees may need disability insurance.
You never know when an accident can suddenly happen, or your health can worsen, disrupting your capacity to work effectively. Unfortunately, the human body can be fragile and wear with age. That’s why it is critical for businesses to acknowledge this reality and execute policies and coverages that support their employees in both good and challenging times. Such initiatives can be invaluable in protecting the well-being of the workforce. This article discusses why your employees may need disability insurance.
What is Disability Insurance?
Disability insurance is a type of insurance coverage meant to provide financial protection in the event that an employee becomes disabled and is unable to work. It basically offers a source of income replacement to help cover significant expenses when a person is unable to earn their usual income due to a disabling illness or injury.
The MWE Partnership offers an inclusive range of individual and group insurance products, including disability insurance, to companies of any size. Call us at 410-394-9617 to schedule an appointment.
Types of Disability Insurance
Short-Term Disability Insurance
This type of policy typically kicks in soon after the disability occurs, within a period of up to six months. It is prevalently provided as an employee benefit and can help cover immediate expenses.
Long-Term Disability Insurance
This insurance offers coverage for a longer period, usually until the employee reaches retirement age or is able to return to work.
Social Security Disability Insurance
SSDI is a federal government program that offers disability benefits to individuals who meet specific eligibility criteria. It is funded through payroll taxes, and the amount of benefit obtained is based on the individual’s earnings history.
Supplemental Disability Insurance
Supplemental disability insurance provides additional financial protection, ensuring that your employees receive a higher percentage of their pre-disability income.
Reasons for Requesting Disability Insurance
Disability benefits provide financial support during challenging times, alleviating stress and offering peace of mind. The reasons why employees may request disability insurance:
- Income replacement
- Financial security for dependents
- Medical treatments for chronic conditions
Prioritizing disability insurance is a proactive step towards safeguarding employees and promoting their overall well-being.
Get in Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on X and LinkedIn for the latest voluntary benefit news!